Political donation made via bitcoin during campaigning in Taiwan

Recently, the report came online suggesting the use of bitcoin in politics. According to this report, the local government seat in the city, Taipei has now made a history by accepting the campaign donation in the famous cryptocurrency, bitcoin. As per the news, Hsiao Hsin-Chen, an individual who is running for the seat in politics from Taipei City has now accepted bitcoin worth $325 USD donation this month.

Further, he also elaborated that his party will be open-minded and will accept the donations in form of cryptocurrency.

Reasons for Hsiao Hsin-Chen to allow crypto-donations

According to the report, Hsiao explained that the reasons for the acceptance of the cryptocurrency donations were not merely political, in fact, it also had technological reasons. With this, he said that he intends to keep the political system of Taiwan clean and transparent.

Lack of Regulations

Where these reports suggest the motive behind the acceptance of the cryptocurrency there, they also suggest that the lack of the regulations in the cryptocurrency industry is a root cause of immaturity in this plan.

As per the updates, around $325 USD worth of cryptocurrency donation is being accepted. Taiwan’s Justice Minister plans to cross this issue of lack in cryptocurrency regulations by enacting the regulations of some sort by the end of this year.

With this news of Hsiao allowing the political donation to be made in cryptocurrency, it is clear that there is no stopping in the growth of cryptocurrency. Taiwan’s Vice Premier, Shih Jun-Ji also called in for the measures to be implemented with the motto of safeguarding the financial health of the country.

He also noticed that the market capitalization of the bitcoin of around $ 160,000 USD was more than twice the total budget of Taiwan. This is the reason why he is getting interested in this industry.

 

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